- 1 Marks
Question
What is the amount of interest earned by a deposit of N414,000 for 11 years at 6.50% compounded quarterly?
A. N427,455
B. N427,467
C. N437,455
D. N437,467
E. N447,467
Answer
B. N427,467
Explanation:
To calculate compound interest, we use the formula:
- Tags: Compound Interest, Financial Mathematics, Investment
- Level: Level 1
- Topic: Basics of Business Finance and Financial Markets
- Series: NOV 2020
- Uploader: Dotse